Europe is rethinking where it keeps its gold

The Netherlands has shifted billions in gold reserves from New York and Ottawa to London amid rising geopolitical uncertainty. Matt Hunt/NurPhoto/Getty Images The Netherlands shifted billions in gold from North America to London, citing geopolitical unrest. France has also reshuffled its gold holdings, while Germany and Italy face pressure to bring their reserves home. Central banks are diversifying where they keep gold as geopolitical risks reshape reserve management. Geopolitical turmoil is pushing central banks to think harder about where they keep their gold reserves. On Wednesday, the Netherlands central bank said it had reallocated about 86 metric tons of gold from New York and Ottawa to London between March and August, "in view of increasing geopolitical unrest" and to improve its crisis preparedness. London now holds 32.1% of the Netherlands' gold reserves, up from 18.1%, making it the largest overseas storage location for Dutch gold.